The indictments came at the end of a two-year investigation by federal, state and local agencies into an alleged scheme to sell four luxury homes to "straw buyers," or someone who is fraudulently listed as the owner.

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The grand jury returned a seven-count indictment against two home builders, a former Huntington National Bank vice president, and a self-employed tax preparer and interior designer.

Authorities said 35-year-old Eric Duke, of Newport, conspired with 36-year-old Terrence J. Monahan Jr., of Cincinnati, 56-year-old Bernard J. Kurlemann, of Mason, and 38-year-old Bryan Sanneman, of Mason, to sell the homes in 2006 and 2007 for about $2 million each.

Duke  a self-employed tax preparer, interior designer and owner of Rivendale Property Management Group in Maineville  found two people willing to buy the homes in name only and permit their names to be used on loan applications, investigators said.

According to the indictment, Monahan, a former bank executive, gave Duke a customer bank account statement to create fictitious account statements listing fraudulent assets.

Authorities said Sanneman, owner of Sanneman Homes, and Kurlemann, owner of Kurlemann Homes of Long Cove and Long Cove Management, provided documentation to lenders that falsely reported down payments received from the borrowers.

In return, authorities said, the men would receive money when those homes were flipped and sold for a higher price.

"When someone controls houses and can flip and sell them at a higher price, then he could then reap the benefit of those sales," said U.S. Attorney Carter Stewart. "That didn't happen here."

According to the indictment, the men benefited from the scheme by selling their expensive properties, get out from under substantial mortgages and receive additional loan money.

The indictment charges all four defendants with conspiracy.

Duke and Monahan are charged with conspiracy to commit wire fraud and wire fraud, both punishable by up to 20 years in prison.

Duke and Kurlemann were charged with conspiracy to commit loan fraud, punishable by up to five years in prison, and two counts of loan fraud. Each count of loan fraud is punishable by up to 30 years in prison.

Duke and Sanneman were also charged with conspiracy to commit loan fraud and loan fraud.

The indictment also seeks forfeiture of any property or assets derived as a result of the crimes, which investigators said totaled about $6.7 million. Charges have been filed separately against the alleged straw buyers.

Francisca Webster, 46, of Westwood, has been charged separately with conspiracy to commit wire fraud, punishable by up to 30 years in prison.

Christopher Gagnon, 37, of Florence, has been charged with loan fraud, punishable by up to 30 years in prison.